Center City Office Building for Sale with Conversion Potential

Center City Office Building for Sale with Conversion Potential

A five-story Center City West office building is for sale, offering conversion potential in a rapidly developing area of Philadelphia. Owned by the American Red Cross, the 52,676-square-foot building at 2221 Chestnut St. includes 20 underground parking spaces and is situated between the central business district, Rittenhouse Square, and University City. Recently assessed at $12.2 million, the property could be converted into multifamily residential or life sciences lab space, according to JLL, the brokerage handling the sale. Located in a CMX-4 zone, it allows for mixed-use and up to 80,415 square feet by right, with potential expansion to 144,747 square feet with additional bonuses.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Mayor Wants All City Workers Back In Person

Mayor Wants All City Workers Back In Person

Mayor Cherelle Parker announced on Monday that she is mandating all city employees to resume in-person work five days a week. This new directive will take effect on July 15, requiring over 25,000 city workers to return to their job sites full-time. It echoes Mayor Parker’s earlier encouragements to employers throughout Philadelphia to increase the frequency of office attendance among their staff.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Office Building in Center City for Sale, Ideal for Redevelopment

Office Building in Center City for Sale, Ideal for Redevelopment

A two-story office building in Center City, located at 2042-2048 Arch St. in Logan Square, is now available for purchase, presenting a prime redevelopment opportunity. Positioned between two notable projects, the property spans 17,940 square feet and sits on the southeast corner of 21st and Arch streets. Adjacent to the east, Parkway Corp. is underway with an 18-story, 438,000-square-foot headquarters for Chubb Insurance at 2000 Arch St., while to the west, MM Partners is transforming an eight-story, 121,500-square-foot office building into apartments.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

King of Prussia Offices thrive; Center City Struggles

King of Prussia Offices thrive; Center City Struggles

King of Prussia business leaders express cautious optimism as office occupancy in the growing suburban center continues to rise. According to CoStar data, occupancy in Upper Merion Township office buildings has reached 89.3%, the highest since tracking began in 2011. However, this rate excludes smaller buildings and owner-occupied spaces. CEO Eric Goldstein acknowledges the importance of 2025 and 2026, as more pre-pandemic office leases are set to expire.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Brandywine’s Sweeney Upbeat on Office Lease Prospects

Brandywine's Sweeney Upbeat on Office Lease Prospects

Less than a year after expressing frustration over slow leasing, Brandywine Realty Trust CEO Jerry Sweeney noted a surge in activity, citing the firm’s Philadelphia portfolio now being 94% leased. Despite challenges in commercial real estate, Sweeney highlighted the strong performance of the company’s Philadelphia portfolio during Thursday’s quarterly earnings call with investors. He attributed this success to Brandywine’s top-tier office spaces, emphasizing the ongoing trend of tenants migrating to higher-quality locations. Sweeney revealed that 55% of new leases signed in the first quarter of 2024 were due to tenants upgrading to superior spaces.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Parx Casino Owner Acquires Two Bucks County Buildings for $12.5M

Parx Casino Owner Acquires Two Bucks County Buildings for $12.5M

Parx Casino’s owner, Greenwood Racing Inc., bought two office buildings near the Bucks County gaming site for $12.5 million. The purchase, completed in February, includes Two and Three Greenwood Square at 3329 and 3331 Street Road in Bensalem. These buildings, part of the Greenwood Square Corporate Center, were constructed in the late 1980s and offer a combined space of 106,575 square feet.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Saul Ewing to Exit Centre Square Office Space

Saul Ewing to Exit Centre Square Office Space

Saul Ewing, a major tenant at the Centre Square office complex on 1500 Market St., is joining the trend of relocations. The law firm will move to 1735 Market St. to accommodate its hybrid work policy. The transition is expected in early 2026, with specifics about the new space still being finalized. Avison Young’s latest report indicates Saul Ewing will occupy 53,334 square feet at its new location, marking a 52% reduction from its current space, consistent with the downsizing seen in other Philadelphia law firms post-pandemic.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Centre Square Faces Another Blow as Dilworth Paxson Considers Relocation

Centre Square Faces Another Blow as Dilworth Paxson Considers Relocation

Dilworth Paxson is nearing a deal to move from Centre Square to One Liberty Place, reducing its office space by roughly 40%, in line with the trend of law firms downsizing their real estate. The firm would downsize from 83,094 square feet to about 50,000 square feet. Dilworth is reportedly in discussions to take over some of the space currently occupied by Glenmede, which recently signed a long-term lease to relocate within One Liberty Place, consolidating its space from floors 11-14 to floors 38-40.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Alliance HP Acquires Montgomery County Office and Industrial Properties for $23.1 Million

Alliance HP pays $23.1M for Montgomery County office, industrial buildings

Alliance HP, headquartered in Bryn Mawr, has acquired two properties in Montgomery County for a total of $23.1 million. These properties consist of an industrial building and an office building, both of which Alliance HP intends to convert into flex industrial spaces.

According to property records, the company purchased a fully vacant 143,000-square-foot office building located at 1 Innovation Drive in Plymouth Meeting for $11.3 million. Alliance HP plans to renovate this building, adding new loading docks and drive-in doors to accommodate flex industrial use, as indicated in marketing materials. The site is zoned for limited industrial purposes.

The seller of the building was Plymouth Meeting Title Holder LLC.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.

Philadelphia’s Suburban Office Challenges Began Before the Pandemic

Philadelphia's Suburban Office Challenges Began Before the Pandemic

Philadelphia’s office market reflects a tale of two cities, showcasing pre-existing challenges and those emerging post-pandemic.

For over a decade, the Philadelphia suburbs have struggled with high office availability rates, significantly exceeding historical averages. This surplus of office space has become the norm for suburban areas.

Conversely, the abundance of available office space in the suburbs contrasts sharply with the situation in Philadelphia’s central business district. Formerly boasting the region’s lowest availability rate, Center City now leads with an 18.1% availability rate, equating to 12.1 million square feet of office space for lease. In contrast, the suburbs, spanning a larger area, exhibit a 16.6% availability rate, representing 23.2 million square feet available on the market.

*Article courtesy of Costar

For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.